Unhedged Big deals in Big Pharma
22 snips
Nov 18, 2025 
James Fontanella-Khan, U.S. finance editor at the Financial Times, brings expertise in pharma M&A to the discussion. He explores the fierce battle between Novo Nordisk and Pfizer over Metsera, analyzing whether this merger indicates strength in the sector. The conversation dives into the political pressures facing drug companies, the role of patent cliffs, and dramatic bidding wars that drive high valuations. They also debate if recent Nasdaq trends signify a buying opportunity. A deep dive into the complexities of Big Pharma unfolds!
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Why Pharma Is Buying So Many Assets
- Big pharma is pursuing deals because it outsources R&D and needs to replace drugs losing patent protection.
- Multiple firms increasingly compete for late-stage assets, driving premiums as high as 300%.
Sidara’s Staggering Auction
- Oliver Barnes tipped FT that Sidara would fetch about $3bn, but bidding pushed the price to $9bn.
- Merck ultimately bought Sidara, highlighting how competitive deal races became.
MetSera’s One-Dose Edge
- MetSera's GLP-1 can reportedly match weekly drugs with a single monthly dose, making it highly prized.
- That delivery advantage intensified the bidding from multiple big pharma suitors.